Camera Essay Example | Topics and Well Written Essays - 1250 words - 1

Camera - Essay Example Below the first camera from Kodak is taken as a product for the description as how it has passed through the different stages of the PLC curve with different combinations of marketing mix i.e. the 4P’s-Product, Price, Place and Promotion being applied to it and how later it had to be differentially renovated as digital camera (Jason, 2006). PLC marketing mix integration Before a product is introduced in the market, a lot of proper research and development goes for the development of the product. The Research is done to find out key things like whether there is need for this type of product will the revenue is worth applying the innovation cost, the cost of production etc. Similar is the case with cameras. Before the market introduction stage, the product was incepted and then developed by the company. Introduction Stage: In the introduction stage, customers are not familiar with this type of product. Since it is a product newly launched people are not fully aware of its advant ages, availability and specifications. In this stage, branding, the establishment of quality and performance level, and intellectual property protection like patents and trademarks are done. The pricing of the camera is designed such that it is low enough for market penetration but enough to recover the Research and Development costs incurred. The camera is highly promoted during this stage through advertisement, direct selling as well as dealership because it is newly launched and the customer has to be made to notice the product and be interested in knowing about it. People are made aware of the advantages like good quality photos, comfortable and handy to use, compact etc. so that the potential customers get a reason to buy the new camera. So the potential customers are aimed at and provided with awareness and information about it. The distribution of the camera is selective in its early stage till the customers start accepting the product. Promotion is done based on the innovati on factor and the USPs of the new camera. Growth Stage: In the growth stage, sales are likely to grow as the customers are made aware of the product well. Profits go up due to active promotions in the introduction stage when people became aware of the advantages of a camera and had the emotional connect established that by buying a camera they do not buy only a product but they took home a way to keep their memories safe. So, in this stage the sale of the camera starts increasing at an accelerated rate and may even reach a peak. At this time, other companies in this industry became aware of the benefits of this product lunch and started launching their own cameras, as such the competition increased. The price is still kept higher as the monopolistic competition increased. During the growth stage, the promotion is not needed to be aggressive as the market penetration had already been done. Maturity Stage: In the maturity stage, the cameras have several competitions. Every player woul d start to add up to the basic and bring an augmented product to the market. As a result, a number of similar brand like Kodak, Canon, Sony are in the market. The price competition is increased and so is the price sensitivity. The profit margin though lowered negligibly, yet the business remains prospering due to the